The Bank of Canada has been telling us that rates are going to move. And now they have… officially. Ahead of the BoC’s July 12th announcement, Canada’s “Big Banks” nudged-up mortgage rates, adding 0.05% to 0.20% or in other words, increasing rates 5 to 20 basis points.
This increase is seen as a confirmation that our economy is getting stronger and not just sputtering along. This measure is a “bump” not a “jump.” And yes, we can expect to see some sensitivity in real estate markets as people get used to different rates.